What is the role of compliance in the insurance industry?
Compliance is crucial in the insurance industry, ensuring adherence to laws, regulations, and ethical standards. Its primary roles include regulatory compliance, policy and product compliance, consumer protection, anti-fraud measures, promotion of ethical standards, and internal controls and risk management. Compliance professionals play a vital role in upholding integrity, transparency, and accountability within insurance companies, safeguarding the interests of policyholders and managing risks effectively.